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Housing Affordability

New Study Shows $100K Income Not Enough for Homeownership in Over Half of U.S. Cities

Posted on April 4, 2024
Writer: James Miller

Housing affordability remains a critical issue for many Americans. A new report reveals that households with an income of $100,000 still struggle to afford a median-priced home in over half of the country’s housing markets.

According to a study by the National Association of Realtors, only 45% of the 208 metro areas analyzed were considered affordable for a family earning $100,000 per year. Middle-income families face persistent challenges in accessing homeownership despite their relatively high incomes. The report highlights the growing gap between income levels and housing prices, particularly in urban centers and coastal regions where real estate costs continue to soar.

The study found that the least affordable areas tend to be concentrated in California, Hawaii, and the Northeast, where housing costs far outpace median incomes. 

Lawrence Yun, the chief economist at the National Association of Realtors, emphasized the urgent need for policy interventions to address this imbalance.

“The housing affordability gap has widened over the past year, with escalating home prices outpacing income growth in a majority of markets,” said Yun. 

For more information, read the full article on NPR

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